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Debt

Pioneering Innovation

DSP Merrill Lynch is a leading participant in the origination of debt issuance programs and facilities. We originate and place a wide variety of instruments ranging from short term debentures to long-term credit enhanced structured debt.

The debt origination team works closely with the investment banking group and the debt sales team to provide structured solutions to clients. DSP Merrill Lynch has been instrumental in bringing key innovations to the Indian Debt Markets like introducing book building for corporate issues, the 1st issue backed by a foreign standby letter of credit, the 1st partial credit guarantee structure, the 1st premium RMBS issue and the 1st equity collateralised obligation debenture issue.

DSPML's partnership with Merrill Lynch has also helped us to assist our clients in tapping international markets for resource raising. In the past, we have been associated with overseas capital market issues by ICICI Bank, IDBI, NTPC, ONGC, Power Finance Corporation, Reliance Industries Limited, SBI European Bank and the erstwhile SCICI Limited.

DSPML's close interaction with Merrill Lynch abroad also ensures that clients benefit from the wide experience of Merrill Lynch as well as the in-depth, in-house research of both ML and DSPML.

Debt Sales distributes various fixed Income products to institutional investors and corporates which include financial institutions, insurance companies, banks, mutual funds, foreign institutional investors, provident / gratuity funds, religious / educational / charitable and other trusts. This business segment has helped DSPML emerge as one of the largest distributors of fixed income and mutual fund products in India. Debt sales comprises one of the most experienced team of professionals in the debt market.

Products

  • Government Securities

  • Bonds - Public / Private Sector

    • Primary Markets - Private Placements / Public Issues

    • Secondary Markets - NSE / BSE (Debt Segment)

    • Structured Debt Products

  • Money Markets

  • Mutual Funds

  • Corporate Investment Services - includes advising on all investment opportunities backed by DSPML in-house research

DSPML is an accredited primary dealer with the Reserve Bank of India and a leading trader in the Fixed Income market comprising of Government Securities / Treasury bills and Interest Rate Swaps. We maintain a leadership position in the secondary market. As a primary dealer we regularly quote bid / offer rates in both cash and derivative products as per our clients requirements.

Central Government Dated Securities

  • These dated securities are issued by the Government of India with a maturity period of more than a year.

Treasury Bills

  • These are discounted securities issued by the Central Government of India through the auction route. The following maturity T-Bills are available:

    Duration

    • 91 Day

    • 182 Day

    • 364 Day

State Government Securities

  • These are loans issued by State Governments in the country

Interest Rate Swaps

  • Fixed to floating swaps upto 5 year maturity are traded actively amongs banks and Primary Dealers

    • Overnite Mibor

    • MIFOR (forward implied rupee rate)

    • INBMK (Govt security yield based benchmark)

 
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